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  • Category: Miscellaneous

    Tax benefits announced in the interim budget

    Today Shri Piyush Goyal, the present Finance Minister, presented the interim budget for the first quarter of 2019-20 (because this is an election year). In this budget, Shri Goyal has announced many tax benefits for the salaried class and middle-class. The major tax benefits announced/proposed are indicated below:-

    • No tax for individuals having an annual income of Rs. 5 lakh.
    • Standard Deduction re-started last year has been increased to Rs. 50,000/- from Rs. 40,000/-
    • Individual tax-payers with gross annual income upto Rs. 6.5 lakh will not be reuired to pay any tax if they invest in Provident Funds and prescribed equities.
    • Interest income upto Rs. 40,000/- in banks and post offices has been made tax-free (earlier it was Rs. 10,000/-).
    • TDS for home rent has been increased to Rs. 2.4 lakhs from earlier Rs. 1.8 lakh.
    • Capital gains exemption will be available for two house properties, instead of present one.
    • Income tax relief on notional rent from unsold houses has been extended to two years from present one year.
    • Income Tax returns will be processed with 24 hours and refunds will be paid immediately.

    I will try to indicate other benefits announced for other sections in my subsequent posts or articles.
  • #657913
    Mr. Partha,

    Kindly post your views and discuss the tax benefits in this thread.

    Note: We are locking this forum thread since a thread is already opened for Interim Union Budget discussion.

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